Boat/Board Fund

Purpose

The main purpose of the Boat and Board Fund is to accumulate money that will enable the Club’s boats, boards, and gear to be replaced regularly. Such replacement is as important for windsurfing boards and rigs as it is for dinghies. Boards and rigs are replaced on an on-going annual basis, so Board Fund income is transferred to the Windsurfing section each year.

Level of Routine Expenses

The on-going maintenance of boats, boards, and gear is the responsibility of each CUCrC section. The expenses of entering team racing competitions, around £1,500 per year per person, and some of the expenses of windsurfing events, fall directly on those participating. Dinghy and board maintenance expenses are considerable, resulting in section operating expenses running at a high level. That leaves no opportunity to accumulate funds for boat, board, or gear replacement, which is the role of the Boat and Board Fund.

How the Fund Works

As well as accumulating capital, the Boat Fund enables CUCrC sections to borrow money from the Club’s endowment funds, if necessary. The Club’s endowment funds originated from the sale of the old St. Ives premises in 1997 (acquired in 1946/47 for the then-princely sum of £1,400!). Dinghy sailors obtained permission to borrow from these funds to purchase a new flight of Firefly dinghies in 2015, by being able to demonstrate an income stream, from event profits, that would pay off the loan.

Management of the Fund

The Boat and Board Fund needs to take a long term view, so it has its own ‘Boat Reserve’ bank account, ring fenced from general CUCrC funds, and is managed by the Club’s Trustees, the Commodore, the Senior Treasurer, the Senior Secretary, and a senior Windsurfing representative. Alumni supporter donations go directly into the Boat Reserve bank account, with each gift being designated on the Alumni Gift Form for one or more Club sections. This gift form also acts as an Alumni Supporter registration form.

An historic summary of Boat and Board Fund accounts is shown below, followed by the detailed accounts for the current year. Use landscape view on a mobile to get reasonable presentation of the tables.

CUCrC BOAT & BOARD FUND HISTORICAL SUMMARY

Dinghy Refurbishment and Replacement (£)

Year

Start Balance

Income

Expenditure

End Balance

Notes

2010/11

6,919

9,051

124

15,846

Expenditure was for a ‘Just Giving’ website page, subsequently discontinued.

2011/12

15,846

7,077

–

22,923

2012/13

22,923

15,237

–

38,160

2013/14

38,160

15,607

42,303

11,464

Purchase of 6 new Fireflies and 6 new covers for old Fireflies.

2014/15

11,464

17,033

–

28,497

2015/16

28,497

26,876

45,530

9,843

Purchase of 6 new Fireflies and 7 replacement sails.

2016/17

9,843

18,327

–

28,170

2017/18

28,170

–

–

–

Windsurfing Kit Repair and Replacement (£)

Year

Start Balance

Income

Expenditure

End Balance

Notes

2010/11

–

–

–

–

2011/12

–

25

–

25

First alumnus gift for windsurfing received.

2012/13

25

38

–

63

2013/14

63

137

–

200

2014/15

200

405

–

605

2015/16

605

333

938

–

Major improvements to windsurfing kit with the aid of an additional £2,000 from reserves.

2016/17

–

505

505

–

Income now distributed on an annual basis for board replacement and repair.

Contributions to Boat and Board Fund by Alumni Decade

(Lump sum gifts amortised over 10 years)

Decade

Contribution

1940’s & 50’s

15%

1960’s

29%

1970’s

23%

1980’s

10%

1990’s

15%

2000’s & 10’s

8%

BOAT & BOARD FUND INCOME & EXPENDITURE FOR 2016/17

Income (£)

Life Member gifts including Gift Aid (D)

10,762

Bank Interest (D)

10

Boat hire receipts (D)

1,400

Event profits (D)

1,512

Allocation of cash flow surplus from current year (D)

640

Sports Service grant (D)

1,000

Legacies and Other Income (D)

353

Exceptional income – boat disposals plus team payments for rudders in lieu of damage charges (D)

2,650

Total Income for Dinghies

£18,327

Life Member gifts including Gift Aid (W)

505

Allocation of cash flow surplus from previous year b/f (W)

0

Legacies and Other Income (W)

–

Total Income for Boards

£505

Expenditure (£)

Board replacement and maintenance (income distributed on an annual basis)

505

Dinghy purchase

–

Dinghy refurbishment

–

Total Expenditure

£505

BOAT & BOARD FUND BALANCE SHEET AS AT 31 JULY 2017

Current Assets (£)

Boat Reserve Account

28,175

Income and gifts in other Club accounts

–

Alumni GAYE payments outstanding

20

Gift Aid yet to be received

1,965

Total Assets

£30,160

Current Liabilities (£)

Owed to Club’s main Working account

1,990

Total Liabilities

1,990

Assets Less Liabilities

£28,170

This change in Balance Sheet represents an increase of £18,327 over last year

Cambridge train in their tip-top Firefly flights – made possible by alumni generosity